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New York Commercial Real Estate

SL Green Sales Free up $642M for 11 Madison Ave

SL Green has agreed to sell Tower 45 and part of 131-137 Spring St, freeing up $642.8M. Invesco Real Estate will take on 80% of 131-137 Spring St, while SL Green retains 20%, along with management and leasing responsibilities. There was no word on the buyer for Tower 45, at 120 W 45th St. The two transactions are paving the way for SL Green to purchase the 2.3M SF, $2.3B building at 11 Madison Ave, Commercial Property Executive reported. SL Green acquired Tower 45's 440k SF of office space in 2007. It's 96% occupied. The six-story building at 131-137 Spring St is home to flagship stores for Diesel and Burberry. The rest of the building has office space and rental apartments. [CPEX]

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